Since the Federal Reserve announced late last year that it would begin tapering its massive monthly bond-buying program, Peter Schiff, president of Euro Pacific Capital and author of “Crash Proof,” has been cautious about what the central bank does and believes it will reverse its quantitative easing program.

In an interview with Yahoo! Finance on Monday, Schiff argued that the United States stock market bubble is already starting to release air but the Fed will delay the financial collapse by reversing its QE tapering.

Schiff reiterated his long-term stance that the U.S. economy is in shambles and will continue to be that way for a long period of time as long as the Fed is at the helm distorting and destroying the financial system with artificially low interest rates and moneyprinting programs.

“If the Fed actually did what it’s threatening to do – which is to completely remove all the monetary props beneath the market, to wind down QE to zero and the eventually begin to increase increase interest rates, then I think the market will head substantially lower,” Schiff told the business news outlet. “But I don’t believe they’ll do that. I still think the Fed is going to end up aborting the taper which will support the market and prevent it from really collapsing.”

The financial commentator added that commodities, precious metals and foreign currencies are great investment hubs to protect investors from the Fed’s predicted QE expansion.

“The Fed is barely finished its tapering process — we still have a long way to go — and the air is already coming out of the bubble. I don’t think there’s going to be a big drop in the averages but I still think a lot of these momentum stocks…will continue to trend lower,” Schiff said. “I think the Fed will abort this [tapering] process and reverse it…but the rally is going to be more in commodities, precious metals and foreign currencies when the Fed has to admit it was wrong and do more QE.”

Fed Chair Janet Yellen noted that she will continue to taper QE but will keep interest rates low because of a fragile economy, a crisis in the labor market and the housing market facing several hurdles. Mainstream financial analysts say QE will be finished by sometime next year and interest rates will start to rise by the end of 2015 and early 2016, though the ladder has been forecasted for years now.

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